Canada’s #1 Questrade Review 2020 [$50 Promo Offer Code]

Edited in November 2019 by FT with help from our newest author Kyle Prevost.

Background: When I first wrote this Questrade review back in 2008, there were very few Canadian online discount brokerage accounts available to Canadians who wanted to open a DIY RRSP account, TFSA, or non-registered account, and trade their own stocks and ETFs

In the last 11 years, we’ve seen an explosion in online broker competition, but for my money (literally) Questrade is still the best Canadian DIY option due to their commission free ETF purchases, low fees, and easy-to-navigate website.

 

Questrade Canada Review Summary

Good Stuff Negatives
No FEEs To Build an ETF Portfolio!
Some negative reviews from high-volume day traders
Very Low Trade Costs (ideal for building a dividend-heavy portfolio)
Better options online for those interested in doing in-depth analysis research on stocks prior to purchase.
$0 Annual Account Fees
Only 2.9/5 app rating on Google Play. Reviews mentioned delay in pricing on app vs desktop.
24-Hour Paperless Account Opening
Moneysense #1 Ranked Online Discount Brokerage
Globe and Mail “A” Rating + Best DIY Brokerage Website
Best Promo Offer (see below)
Excellent Customer Service
Best USD Trading Options

Our Opinion & Rating
  • Industry Reputation
  • Account Opening
  • For ETF Trading
  • Annual Fees ($0)
  • For High Volume Traders
  • App Rating
  • Customer Service
4.8

Questrade is GREAT, for Investors

Unless you’re making 10+ trades per day, or or trading 1,000+ units of funds at one time, Questrade is the best Canadian discount brokerage in 2020.  Moneysense Magazine ranks them as the #1 online broker, and the Globe and Mail gives them a leading “A” rating. The new Questrade app and website upgrade provide the shine and polish on top of their usual leadership in the low-fee categories.  With $50 in free trades available via our promotional offer code, there is no better time to try Canada’s leading online brokerage.  

Clicking on the button above will make you eligible for the $50 questrade discount, no promo code required

Questrade Fees for Dividend Investing and Commission Free ETFs

While Questrade has introduced some shiny new features (and excellent marketing) the last few years, the key reason that they are our choice for best discount brokerage in Canada is their low overall fees, and especially their commission-free ETF investing options.  It’s worth noting that Questrade has NO ACCOUNT Fees on popular accounts such as RRSPs, TFSAs, RESPs, and non-registered accounts.

Million Dollar Journey

If you’re new to MDJ, you might want to have a look around for more information on why I prefer dividend-investing and index-investing approaches for 99%+ of investors.  Basically, if you’re trying to trade stocks daily or think that you can do some fancy research that allows you to time getting in and out of the market, then you’re probably costing yourself serious money.  If you wish to stick basic tried-and-true strategies that are supported by math and the last 100+ years, then Questrade is the place to DIY your nest egg and cut your costs to the bone. Experts have consistently pointed out that while the average investor can’t control their returns, they can (and should) control their investment costs.

Some critics point out in their Questrade review articles that Questrade only covers free ETF purchases.

While this is technically true, what they fail to mention is that the vast majority of our transactions will be purchases if we are building a basic “couch potato” passive index investing portfolio. 

With today’s excellent “all-in-one” ETF options, the average Canadian would do very well to just log into their Questrade RRSP or TFSA each month and purchase that same ETF over and over again for their entire working lives.  Alternatively, if you want to really cut costs to their absolute minimum, you can buy your bond ETF, domestic market ETF, and international ETF separately, and then rebalance each month simply by adding a little more to the asset class that has the worst over the preceding month, in order to keep your overall asset allocation where you want it.

The only selling you should really have to worry about is when your portfolio gets close to the $1 Million level and can’t be re-balanced by monthly additions, or when you are ready to start selling pieces of your portfolio to fund your retirement living.  Paying $5 to take my spending money out for the year is a small price to pay when I’ve been getting to invest for free over the last 30+ years!

Here’s how the Questrade free ETF purchasing stacks up against some of the big names in Canada.

Broker Fees Free ETFs? Drip
Questrade (Rated #1) $4.95 for up to 495 shares ($9.95 max)

$9.95 per mutual fund trade

ETFs are free to buy, reg commission to sell

Yes (for buying) $0 for balance above $5k

$19.95/ quarter if balance < $5k

QTrade $8.75/ trade or $6.95/ trade if assets > $500k Yes (select group) $100/ yr admin fee if under $25k balance

$60/ yr for USD RRSP

Scotia i-Trade (formally e-trade) $24.99 or $9.99 /trade with $50k in assets

or

30+ trades /quarter, $4.99/trade with 150+ trades /quarter

Yes (select group) Yes
IB Min $1 /USD trade.

Max 0.5% of trade value ($0.005/ share)

No $10 USD

$50/year annual RRSP fee

Min $10k to open an account

BMO InvestorLine $9.95/ trade no minimum balance No $100/ yr if balance < $25k
RBC Direct Investing $9.95/ trade no minimum balance

$6.95/ trade if 150+ trades / quarter

No $25 / quarter if balance < $25k
Credential Direct $8.88 / trade No None
TD Direct Investing $9.99/ trade no minimum balance

$7/ trade if 150+ trades / quarter

No $100 / yr if balance < $25k
Virtual Brokers  $0.01/share with cap of $9.99  + ECN fees Yes (for buying) $50/ yr if balance < $15k, $50/ yr for USD RRSP

There is another low fee alternative in Canada, have a look at our Questrade vs Wealthsimple comparison here.

 

Dividend Investing with Questrade

If you’re like me, and looking to build a healthy portfolio of money-generators that will spin of cash for the 50ish years of your retirement, then you probably purchase shares of your targeted companies most months.  This strategy makes a ton of sense if your using the Smith Maneuver or investing in a non-registered account (not an RRSP, TFSA, or RESP).

When it comes to the basic standard of buying basic shares, Questrade’s fees are quite low - although not quite as cheap as the free ETF purchases.

Here’s how Questrade’s fee structure works when buying a share of a company.

$4.95 (standard charge on every trade) + ECN Fees (up to a maximum of $5.00) = Overall Cost

If you’re not familiar with ECN fees, the acronym stands for Electronic Communication Networks.  All you really need to know is that companies charge Questrade about $0.0035 per share when you buy a share with them.  There are ways to shrink this miniscule number even further using limit order and whole board lots - but that starts to be way too much worry for the average Canadian investor.  Here’s a common example one might see if they are a monthly dividend investor.

Ex: I decide to target three Canadian Dividend All Stars with my contribution this month, so I split my 1,200 contribution equally between Bell Canada, IGM Financial, and Fortis.  All traditionally loved by dividend-savvy investors. This is what my investment would likely look like for the month.

  • BCE at $52 per share: 7 shares = $364
  • IGM at $36 per share: 11 shares = $396
  • FTS at $42 per share: 9 shares = $378

If I wanted to maximize my contribution, I could buy another share of BCE with the leftover money, but let’s just go with this for now.

Each of these trades would cost $4.95 + ECN fees of roughly (.0035 x 10 shares) $0.035, for a grand total of less than $4.96.  So the total for all three trades for the month would be ($4.96 x 3 = $14.88).

Now, I realize that some people are buying more than 10 shares at a time.  If you purchased $10,000 worth of Bell (BCE) stock, then you’d be buying 192 shares, and your ECN fees would be a grand total of 67 cents.  Personally, it’s not really a factor I care to pay attention to.

Plus, don’t forget that with our Questrade promotional offer coupon of $50 in free trades, you can start your dividend investing journey for free!

Here’s how Questrade fees compare to other Canadian discount brokerages.

Broker Trade Fee ETF Fee Stock Options Annual Fees
Questrade $4.95 $0 $9.95/m + $1 per contract $0
TD Direct $9.99 $9.99 $9.99/m + $1.25 per contract $100 for small accounts
Scotia iTrade $24.99 $24.99 $24.99/m + $1.75 per contract $100 for small accounts
RBC $9.95 $9.95 $9.95/m + $1.25 per contract $100 for small accounts

Questrade Enhanced and Questrade Advanced

While the vast majority of investors in Canada will not get much value from Questrades “professional trader” platforms: Questrade Enhanced and Questrade Advanced

If you’re an active trader, you can also gain access to one of several market data plans that Questrade offers. For a monthly fee, you can get active trader pricing, live streaming data, and other data add-ons. This is perfect for active traders. Here are your options:

Basic (Free with all accounts): This is great for novice traders, and you’ll get free Canadian level 1 snap quotes, free U.S. level 1 snap quotes, and one-click real-time data.

Enhanced ($19.95/month CAD): you’ll get everything that comes with Basic, plus enhanced level 1 live streaming data, live streaming for Intraday Trader, and additional data add-ons. In addition, if you spend more than $48.95 in trading commissions you’ll get an automatic $19.95 rebate.

Advanced ($89.95/month CAD): This package is for the most active traders. You get active trader pricing unlocked, advanced Canadian level 1 and level 2 live streaming data, select U.S. level 1 live streaming data, and individual data add-ons are available. You can earn a partial rebate if you spend more than $48.95 in commissions — for this, you’ll get an automatic rebate of $19.95. If you spend more than $399.95 in trading commissions, your monthly fee is automatically rebated.

Questrade Inactivity Fees

Over the years, I’ve read several comments at the bottom of this Questrade review that refer negatively to Questrade’s inactivity fees.  While I’m not in love with the idea, they are fairly up front with them, and it costs exactly $0 to make sure that you never have to pay these fees.

The long story, in short, is that Questrade will charge you $25 if you do not place a trade in three consecutive months (often called “a quarter” amongst tv investment gurus trying to sound smarter than they are).

BUT....

You can make sure you never get charged this fee simply by purchasing one ETF during those three month stretches.  Questrade will charge you $0 to purchase this ETF and you will not trip the inactivity fee wire.

You can also avoid Questrade’s inactivity fee by having more than $5,000 in your account or by being younger than 25!

Opening a Questrade TFSA, RRSP, RESP Account

Opening your Questrade RRSP, TFSA, or RESP accounts is easier than ever before.  Given how complicated this process was the last time I wrote my Questrade review, the guys/gals in green have really upped their game.

Opening your Questrade Canada account can now be done completely online, and in as little 24 hours.

Basically you click here and our $50 questrade promotional offer code will be automatically applied.  Then you simply select which accounts you would like to open. The main options available are TFSA, RRSP, Margin (non-registered), and Forex.  There are also options for “more” and then a Questrade Portfolios option which is similar to a robo advisor, and which I’ll talk about a little later.

The Questrade sign up process will guide you through the following three steps:

  1. Create a user ID
  2. Build Profile
  3. Setup Account

You’ll need a few documents and/or snippets of info including:

1) Your preferred email address (used to create your User ID)

2) Your name and home address as they appear on your Government ID

3) After creating your User ID, you’ll need your new Questrade login and password

4) Your Social Insurance Number (SIN)

5) Employment information including your income, plus your income from other sources

6) A Government-issued photo ID such as a driver's license or passport (which can be uploaded via scanned document or picture)

Once you’ve completed the sign up with these documents, the final step to opening your Questrade RRSP or TFSA is to go to your normal “all-in-one” bank account or chequing account that your pay gets deposited into, and then to send your investing dollars over to your shiny new DIY Canadian discount brokerage account.  From every bank account that I’ve ever used or helped people through, it’s the same process as you would use to send money to pay your credit card or utility bill from your online banking platform. Setting up your seperate Questrade RRSP and TFSA accounts as recurring payees will significantly help you cut down on time going forward.

Technically you can open a Questrade brokerage account without any actual money in it!  In order to actually purchase your first share of a stock or unit of an ETF though, you’ll need to have $1,000 in the account.

While pretty much everyone reading  my website over the years knows that I recommend sticking to dividend-stock investing and basic index investing, Questrade offers a ton of choice when it comes to what you purchase within a TFSA or RRSP.

Questrade RRSP Account Details

Once you have setup your Questrade RRSP and have your deposit info all setup within your online banking platform it’s time to choose how to invest that money.  It’s also worth noting that Questrade will transfer your current RRSP or TFSA over to their platform for FREE!

In case you haven’t brushed up on some of the specifics of RRSPs lately, the point of the Registered Retirement Savings Plan is to help you save for retirement but sheltering your investments from the tax man’s icy grasp, and allowing you postpone paying taxes when you are working (and hopefully in a high tax bracket) to when you are retired (and likely in a lower tax bracket).

You can check your last tax return to find out how much you can invest within your Questrade RRSP account.  A lot of people don’t realize that RRSP room is like a fine wine - it just gets better with age! Each year the Canadian government allows you to put up to 18% of your income into your RRSP up to a maximum amount (in 2019 the RRSP contribution maximum is $26,500).  This amount is adjusted if you contribute to a workplace pension plan. For example, since I’m a teacher and make pre-tax contributions to my pension plan, I get less RRSP room than other Canadians might.

If you just opened a Questrade RRSP account, and have never had other RRSP investments over the years, it’s quite possible that you have a significant amount of room that you can make use of over the next few years.

Questrade TFSA Account Details

Your new Questrade TFSA account will be the flip of the RRSP.  You’ll get taxed when you put money into it, but there is no “postponement” of taxes to worry about paying on the back end when you take the money out.  Just like the RRSP (and RESP for that matter), the TFSA is what’s known as a registered account, and consequently, the TFSA umbrella will prevent the taxing rain from eroding away your investment returns over the years.

The other similarity the Tax Free Savings Account has with your Questrade RRSP is that it is extremely easy to open, as you simply select which accounts you want to open when you register at Questrade for the first time.

One point worth nothing when it comes to your Questrade TFSA Account: It should be called a Tax-Free Investing Account.  I’ve long believed that adding the “S” to the TFSA has misled about 90% of Canadians into believing a TFSA is basically just a premium version of a high-interest savings account.  Of course it is so much more than that, and can be used to shelter the same wide variety of investments as the Questrade RRSP account does.

You can contribute $6,000 per year to your TFSA and the federal government has stated that the plan is to increase that amount along with inflation over the upcoming years.  Just like it’s RRSP cousin, TFSA contribution room does not disappear if it is not used in a given year.

In fact, if you were 18-years-old in 2009, you will have accumulated $63,500 in contribution room (increasing to 69,500 in 2020), and can immediately deposit this amount into your new Questrade TFSA account if it is your first time using a TFSA.

Holding USD In My Questrade RRSP and TFSA

Investing in USD can save you a ton of money in currency conversion fees when you think about how much it costs to convert dividend income and new stock purchases back and forth over your investing lifetime.  Questrade RRSPs and TFSAs allow you hold both USD and CAD in your portfolio - and they do this for no added fees. (Each account is still $0).

Questrade was the first online discount brokerage to allow investors to hold USD in a registered account.

Questrade RESP and Family RESP Accounts

If you have children and you think they might one day attend post-secondary schooling of ANY KIND (it does NOT have to be university) then you are throwing away free money by not opening a Questrade RESP account.  Given how quickly post-secondary education costs are rising (2.5x-3x the rate of general inflation) can you afford to throw away free money?

Here’s how to get $10,000 in free money from our government.

  1. Setup a FREE Questrade RESP account and deposit $208.34 into it every month.
  2. Collect the free $500 Canada Education Savings Grant (CESG) each year, up to a lifetime limit of $7,200.
  3. Invest the money in a conservative all-in-one ETF or even just a basic Canadian bond ETF.
  4. The interest/investment return you will make on your own money that you put it is nice - but you know what’s nicer?  The $2,500-$3,000 return that you make on someone else’s money! (Especially when that someone else is the government!)

If your income is below $42,000 then there are some extra incentives for you.

The CESG cash, plus your investment returns within the Questrade RESP account will be taxed as income in the hands of the student.  This means that it’s almost always tax-free because of the large amount of tax credits and deductions that students enjoy. Your original cash can be withdrawn tax-free as you already paid tax on it before investing it.

If you have more than one child, you can combine their contribution room into one big easy-to-manage Questrade Family RESP account (which is also free to open with no annual fees).  The advantage to these accounts is that you can handle the withdrawals amongst your children in whatever way is convenient for you.

What If My Child Doesn’t Go to University? Do I Lose My Questrade RESP Money?

Here are the main points to think about if you’re worried about “wasting” RESP contributions:

1) The Questrade RESP account can be active for up to 35 years and you can use the RESP money for a HUGE variety of post-secondary studies.  Everything from massage therapy to airplane mechanic courses can be covered. This combination means that it’s VERY likely your child will be able to use the RESP help at some point.

2) If you haven’t maxed out the CESG or contribution room for Child 2, you can simply take Child 1’s RESP money and use it for Child 2 within your Questrade Family RESP account.

3) If you have no children that ever attend any sort of post-secondary education, you can roll $50,000 into your RRSP (assuming you have the contribution room) and all you would lose is the free CESG money, and the investment earnings on the government’s cash.

4) You can withdraw the money you originally contributed tax-free without any penalties.

5) If you withdraw the investment returns that you made on your money, you will be taxed as if you earned the money as income, plus an additional 20% penalty.  (This is a very unlikely scenario.)

Questrade Margin and Non-Registered Account

First of all - kudos to you for maxing out your Questrade RRSP and TFSA accounts!  If you haven’t done that yet, you can probably keep life simple and skip this part of our Questrade review.

Once you have contributed the maximum amount to your RRSP and TFSA accounts, and (if you’ve got children) the Questrade Family RESP is on autopilot, your next step becomes a good news - bad news situation.

The good news is that you are in great financial shape, and there are options available for continued investing.

The bad news is that there is no more space under your tax-sheltered registered account umbrella.  From here on out, you will be investing in the rain, and the tax man will get his chunk.

So, while there are semi-exotic accounts one could open if they want to exchange foreign currency or invest within a corporation, the option most people will opt for is a Questrade Margin Account.

The Questrade Margin Account is a fancy name for a basic non-registered account, with the added feature of being able to borrow money from Questrade and invest that money alongside your own.  When you borrow money to invest it, this is called “investing on the margin”.

Now, I don’t recommend investing on the margin unless you really really know what you’re doing, and even then it often isn’t a good idea.  The main takeaway from this though, should be that YOU DO NOT HAVE TO BORROW MONEY to invest within a Questrade Margin Account. Most everyday investors in Canada will be best served by using this account to invest in Canadian-dividend payers (my Smith Maneuver account for example) or other Canada-based ETFs.

You can however, put almost any kind of investment in a Questrade Margin account.  Here’s a few more quick Questrade review facts about the non-registered option:

  • You can invest in short-selling (watch the Big Short to have Margot Robbie in a bathtub telling you what this means)
  • There are no contribution limits to worry about like there are with the Questrade RRSP, TFSA, and RESP accounts.
  • Investment returns inside an unregistered account are still treated much nicer than income you make from a job.  Capital gains and dividends are eligible for special tax treatment in Canada.
  • There are no taxes to worry about upon withdrawal like there are in a RRSP.
  • You can engage in complex options trading (again, not my thing).
  • Questrade Margin accounts are governed by margin falls.  This part is important: If you borrow money from Questrade, and the investment drops below the margin requirement, Questrade will essentially demand that you pay them their money back.  If you don’t immediately pay them back, Questrade can sell your investments and take the money in lieu of your payment.

Overall, using the Questrade Margin Account as a basic non-registered account is a great option.  Getting into the more exotic options like leveraged options trading is not my cup of tea.

Questrade's Trading Platforms - A Peak Inside

Questrade offers quite an exquisite and exclusive trading experience. It's true that I believe that there are better brokers out there in Canada for mobile app functionality or ease of use, but all in all Questrade delivers a home run, especially when you compare it to its immediate peers. The Questrade Trading and Questrade IQ Edge (web), as well as the Questrade App look and feel smooth and are generally bug-free, a thing which can't be wholeheartedly said about most Canadian brokers' software.

Below you can find a myriad of screenshots we have gathered from Questrade's website which will be soon replaced by more exclusive imagery (we are working on it!).

Is a Questrade Online Brokerage Account Safe to Use?

One of the most common questions that I have gotten in the comments below is:

Is investing my money through a Questrade online brokerage account safe?

Or

Is Questrade as safe as RBC, TD, CIBC, ScotiaBank, and BMO?

The answer: Yes!

Here’s the deal.  Off the top Questrade is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF).

Why this should matter to you is that these organizations hold Questrade to a pretty high standard as far as investor safety goes.  Since the CIPF was founded in 1969, no eligible customers have suffered a loss of property.  The CIPF has paid claims/expenses of roughly $43 million, net of recoveries, on the odd occasion where there has been a member insolvency.

Questrade has been around since 1999, and controls over $9 Billion in assets!  On top of MoneySense and Rob Carrick giving them their stamp of approval, Questrade has won eight annual awards as one of Canada’s Best Managed Companies.

Finally, Questrade has created an online security Guarantee.  The company will 100% reimburse you for any authorized transactions in any of your Questrade accounts that result in a loss to you AND your account is insured for up to $10 Million in the incredibly unlikely event that Questrade goes broke (“insolvent”).  This is of course on top of the latest in online security features. My guess is that if you’re promising 100% reimbursement on losses, you’re going to take security pretty seriously.

An Award-Winning Online Brokerage

As you can tell from this Questrade review, Questrade has a lot going for it. Not just in my opinion, but in the opinion of many Canadian financial experts.

In fact, in early June it was announced that Questrade was named as the number one overall online brokerage in the JD Power 2020 Canada Self-Directed Investor Satisfaction Study. JD Power is considered to be a global leader in consumer insights, advisory services, and data analyses. They do not run their own in-house reviews, but rather rely on customer feedback which, I think, says even more about the quality of this ranking. After all, consumers are generally the most trustworthy when it comes to opinions.

As the winner for the Best Overall Investor Satisfaction for 2020, Questrade actually scored 19 points above the industry average. A pretty impressive feat for what is now becoming a competitive market.

Of course, this isn’t Questrade’s only award. Questrade is regularly named as one of the best managed companies in Canada. This year, in March of 2020, they scooped that award for the 9th year in a row!

Needless to say, Questrade is a pretty impressive and trustworthy business in the eyes of Canadian consumers and experts alike.

 

Our Opinion & Rating
  • Industry Reputation
  • Account Opening
  • For ETF Trading
  • Annual Fees ($0)
  • For High Volume Traders
  • App Rating
  • Customer Service
4.8

Questrade is GREAT, for Investors

Unless you’re making 10+ trades per day, or or trading 1,000+ units of funds at one time, Questrade is the best Canadian discount brokerage in 2020.  Moneysense Magazine ranks them as the #1 online broker, and the Globe and Mail gives them a leading “A” rating. The new Questrade app and website upgrade provide the shine and polish on top of their usual leadership in the low-fee categories.  With $50 in free trades available via our promotional offer code, there is no better time to try Canada’s leading online brokerage.  

Clicking on the button above will make you eligible for the $50 questrade discount, no promo code required

896 Comments

  1. deewar25 on March 2, 2011 at 4:56 pm

    @ jeach…perhaps you are right as I am a daytrader and never hold through splits anymore and can’t even remember the last forward split I had – usually my experience is the pennies and reverse splits, and yep, those were often ugly – with questrade, and with my experience with TD. I’d say ‘average’ was 3-4 days for me, but I have had a few drag out much longer.

    As you recommend – position could be covered with puts or a short, or just wait it out and perhaps be pleasantly surprised with bigger gains than expected.



  2. seren on March 2, 2011 at 5:48 pm

    @deewar25 & @jeach

    Thanks for the comments folks. Much appreciated. I can confirm that in the past with my RBC account, that when a stock splits, it shows up in my account the next day. This is because they float the difference while waiting for the shares to be deposited. Questrade from what I understand does not do that. I assume because they can’t afford to float the difference in the meantime. What I bought are pro shares which has a very large collection of well known securities. I find it hard to swallow that they couldn’t do a cover and the “who cares attitude” or that this would take anything more than a week at the most. I also contacted proshares with them mentioning it should take no more than 5 days max for the process to complete. Ditto with Penson clearing house. Anything more than that, there is something wrong for such a highly liquid security.

    Had I known this was not the case for questrade, I would have never bought the shares in the first place of course. Live and learn. I bought 80 shares at 167.60 and so far I am above break even but that doesn’t mean that can’t change extremely quickly as you know. The bottom line is that I’m not liquid anymore in this account and that is very frustrating and puts me on edge. Unfortunately since this is a TFSA account I am limited with what I can do. I have in fact sent a similar email to the folks at questrade this morning. What it seems to me is that let’s say it takes even more than ten business days, it almost seems that there is no direct action response in place to deal with these issues. Just hoping something can be done about this to ever avoid this happening to myself or anybody else in the future and that there is a beteer response to dealing with these issues.



  3. Chris on March 3, 2011 at 3:23 pm

    Review rating Questrade as number 1 is ABSOLUTE JOKE ! My experience is that Questrade is is THE WORST company in any business I ever had to deal with
    This company is THE WORST NIGHTMARE you could imagine – to deal with.

    Try calling them – they do not answer for hours
    – If you email -they do not answer for days or do not answer at all
    – try live chat – most of the time does not work
    – eventually if you get someone on the phone – person is plain lying to you or can not help or do not know anything
    – THEY ARE RUDE AND OBNOXIOUS

    BEWARE – STAY AWAY !!!!

    P.S. I tried to post entire horror story in dealing with Questrade with all dates , times and details – but this system will not allow it – it says that my message looks “bit spamy” – which is nonsense , so who is protecting who here ?

    !!!



  4. Former Questrader on March 8, 2011 at 9:40 pm

    @757

    Some people may have found this thread only *after* opening their account.



  5. Vivek Sharma on March 9, 2011 at 12:13 pm

    This is to share my experience of Questrade I had in the last 4 weeks with fellow readers.

    I have been trying to have an issue resolved with Questrade that I have in my trading platform for more than 4 weeks since the software upgrade happened. After talking to them 8 times I got following responses – it will get fixed in the next 1-2 business days, they are in the process of running a fix over the weekend to fix it or we are working on it.

    It just have been a total furstration.

    Since the upgrade happened it takes 45 minutes to over an hour to get someone to chat with, two of my emails have gone unaswered and even getting throught the phone is not a good experience even to the trading desk not just the customer service.

    It is just a total disaster. I just can not believe that after more than 4 weeks of software upgrade they still have unresolved issues with the stocks.

    After waiting patientely for more than 4 weeks I am seriously considering an alternative to Questrade. I have been there customer for more than 2 years and have multiple accounts with them.

    My recommendation to anybody who is thinking of joining them is DO NOT JOIN THEM or seriously think over it again because If ever there is an issue with your accounts all you will get is furstration and that is lot of it….

    This company does not know how to deal with the problems, I cannot believe
    that after more than 4 weeks of software upgradde they still have unresolved issues with stocks….



  6. deewar25 on March 9, 2011 at 6:41 pm

    @ vivek…what are the issues? If its locked account, or account in review or something that is not allowing you to trade, then damn right I’d be pissed something fierce. If its issues with say real-time balance updates but you can still trade normally, not so much.

    If you are not able to trade through all this, I would damn well hope they would bend over backwards to rectify the problem – totally not acceptable. I’ve found the 2 issues I have had since the upgrade were ‘account review’ issues and once I got through to the trading desk, it was resolved right away…yep, that was a 20min to 1 hour exercise though. Definitely stick with the phone, and yeah, if you can’t trade because of their issues, that is definite grounds to get the heck to a different broker unless they give you some serious perk for sticking it out!

    Good luck with it.



  7. Michael on March 9, 2011 at 9:49 pm

    I have recently begun the process of opening a trading account for my LIRA. All of the documents have been processed. Does anybody know how I go about funding the account? Will I need to have the money sent by the current account holder?



  8. Asghar on March 10, 2011 at 3:05 am

    Dear all,Do you know how long it takes to withdraw funds from questrade. I also opened TFSA and transferred funds from Another broker

    Just like to check if everything is safe and they will get everything resolved?
    Please help questrade, can some one from questrade please call me or send me an email and give me their contact info
    I waited for 2 hours today in total already with no answer
    Please help



  9. Asghar on March 10, 2011 at 3:07 am

    It’s been two weeks and the broker transferred funds to qt and still my account in qt is not showing them
    No answer on phone
    No answer on chat
    Any one from questrade, please help



  10. deewar25 on March 10, 2011 at 11:50 am

    @770, 771, check my post 735 – those routes for me have been the simplest and always gone off without a hitch – 2-3 days for both funding account and receiving funds (with another day for US to CAD $ exchange). It’s been very painless for me in that aspect. I have heard of delays using other methods (ie, moving accounts), and hard to say now with the troubles they have been having with the new system, but I did withdraw a couple weeks ago AFTER the upgrade and everything was routine.



  11. Faisal on March 10, 2011 at 3:08 pm

    All these comments are quite concerning. I’ve had a Questrade RRSP account for 2 years and my parents have had a Questrade TFSA account for almost 1 year. Neither of us have had any problems during this time and it seems like our accounts came out alive and unscathed during the system upgrade. I’m now considering opening an account for my SO but am wondering if this is still a bad time to do so. My thoughts are to initiate the account application and if we hit any glitches during the process, we’ll cancel or not fund the account and go elsewhere. I guess I can consider myself lucky so far!



  12. Chris on March 10, 2011 at 5:56 pm

    @ 771 & 770 Asghar

    Check out posts like 756 & 765 ,

    BEWARE – STAY AWAY from Questrade, they are NOT worth the trouble!



  13. Terry is choked! on March 15, 2011 at 7:46 pm

    I’m choked!

    Questrade is the biggest joke of a business I have ever dealt with! I wish I would have seen this web page months ago before I transferred my account over to Questrade.

    I deposited money on December 7th…..I Just received some of it on the 10th of March and still missing have some of it. I am sick of chasing these people around for my cash. They have returned 1 phone call of the 20 or so times they said they would and not returned 1 message I have left. I have been straight up lied to, hung up on, put on hold and forgotten about, transferred to random voice mails did I mention I have been lied to?

    There is way to much bullshit to write here but I can tell you I have 2 full pages written out with all the conversations I’ve had, dates and names. I am beyond choked now.

    Does anyone have a contact of or extension to anyone who is of any importance that can sort this out. I cannot find any information any any of the higher ups at Questrade. If not I don’t know what else to do, contact the BBB maybe I don’t know what the next step is. Thanks.

    I WANT MY MONEY!



  14. Matthew Basile on March 16, 2011 at 11:35 am

    @ Terry

    My name is Matt, I work at Questrade and I monitor the comments posted on these forums.

    Firstly, I want to acknowledge the level of service you have been experiencing. There’s no excuse for being ignored, and you should always be in the loop when it comes to your finances.

    Please email me at mbasile@questrade.com so I can take your information and find out the status of your request.

    Regards,

    Matthew Basile
    Questrade, Inc.



  15. Syed Ali on March 16, 2011 at 11:47 pm

    Hi
    My best friends works as a developer at Questrade. I only heard good things from him.
    So I decided to go ahead and open my account.

    Big mistake. It took 3 days for the account to get approved. Another couple of days to get my Login ID.

    Fair enough. Its an online interaction.

    However, trying to reach customer service was a pain! Either by chat or email or phone was just not worth it.
    Emails were responded after 2 days. Chat window wait was on average 1.5 hours. Phone wait was about 1 hour!

    Then I made the mistake of funding my account with my Business Account. No one told me that my deposit had been recieved but blocked as it was considered a 3rd party deposit.
    It took me 2 hours waiting on chat ( after one hour, the chat window just crashed), i was told this. I told the chat person that I am the sole properitor of the company and sent in my articles of incorporation. I was told that my funds would be released on Monday (this conversation happened Friday). On Monday, the funds were still not released.

    On Monday, i asked to close my account. I was told that my funds would be released to me within 2 -3 business days. On the 10th, I got an email saying the withdrawal process is experiencing delays. Today is the 16th. Still nothing. No communication. No update. I had to contact Questrade again for it. Now they say its another 2-3 days.

    This is ridiculous. I would like this to be the last step I need to take. Obviously, my next steps would be to involve BBB and IIROC. However, I think we should be able to resolve this issue without getting there.

    I wish i had done a google on “Questrade sucks” or “Questrade reviews”
    WOW!!! so many people have the same issue!



  16. Dr. Philosophy on March 17, 2011 at 12:33 am

    Syed,
    It sounds like you had a rough time.
    I’m not trying to make it worse, but if you think you can be a sole-proprietor AND have articles of incorporation you don’t understand the most basic concept of business structure.
    A business structured as a sole-proprietorship involves only ONE legal entity: YOU. On the other hand, a business structured as a corporation involves TWO or more legal entities: the company and its shareholders. It sounds like you are the only shareholder in your company. That doesn’t make you a sole-proprietor, and may be the source of your troubles.



  17. Syed Ali on March 17, 2011 at 1:09 am

    @Dr. Philosophy

    Thanks for your input. In my rage, perhaps i didnt write that part clearly.
    Though, it should have no ramifications on the Questrade issues.
    Let me rephrase – I am the sole director of the incorporated company from whose account i made the deposit.



  18. Jeach! on March 17, 2011 at 2:58 am

    @Syed Ali

    I”m starting to think that some anonymous users are posting complaints because these messages/complaints are getting ridiculous.

    Your complaining because it took 3 days to open, fund and process an account? Seriously? You might hold that account for 5, 10, 30 years or even maybe for the rest of your life and it bothers you that it takes 3 simple days?

    Even if took two WEEKS to open the account it shouldn’t matter considering that these are suppose to be important, thought-through, rare-occasion decisions. It’s not like today you get up and decide to open a Questrade account and expect to trade the next morning… or it seems some people do?

    Common on people… post valid complaints about erroneous procedures or valid warnings or something of value to watch out for.

    We know Questrade screwed up very badly which is resulting in bad client service due to the heavy traffic they are getting.



  19. Syed Ali on March 17, 2011 at 3:07 am

    @Jeach,

    If you read my comment thoroughly, you will notice that i said:

    “Fair enough. Its an online interaction.”

    My main complaint was the extra long time its taking for my withdrawl to get processed.



  20. Syed Ali on March 17, 2011 at 12:39 pm

    In the interest of balance reviews, I sent an email to Questrade ( to the people who really matter – please see comment 777 by Radluk Erevdnil) last evening around 10pm.

    I got a call back this morning (THE FASTEST ever response)
    and the gentleman on the phone was very apologetic about the entire situation and assured me that my funds would be returned to me in a couple of days.

    They told me that it was RRSP season and now they had hired more customer service representatives and have managed to bring waiting times down to 15 minutes and are working on making it even faster.

    I am glad that they have realized their Customer Service issues and are working on improving it.



  21. Asghar on March 17, 2011 at 9:02 pm

    Hello

    I posted couple of comments about Questrade. I chatted with the online client yesterday and Matthew really helped me as well.

    All questions i had were answered and I am again a happy customer with questrade.

    My withdrawal was processed in four days and its not bad as I have the same timeline with banks as well. My broker transfer was complete as well

    Thanks Matthew, thanks questrade
    regards
    Asghar



  22. Amit on March 25, 2011 at 8:46 pm

    The level of service my wife has received since their upgrade is now totally ridiculous. Ever since the upgrade the cash dividends are fine, but the “stock” dividends for securities like KMR have stopped coming. Obviously Questrade has screwed up somewhere. Questrade has acknowledged to my wife that on Feb 12th she should have received >1000 stock dividends for the fractional shares of KMR that she owns. Yet, after several mails over the last month, finally she receives a reply that they can’t do anything and that she has to contact KMR’s investor relations. Even though the problem is clearly after Questrade’s upgrade (prior to the upgrade the stock dividends were being received without any issues at Penson site) but only after the upgrade they suddenly stopped coming, and Questrade accepts the issue, yet they claim to be not able to do anything about it.

    When my wife responded to them after their latest email that “Your response is unacceptable”, a L…. (name withheld) responded that she is talking in “bad” language. I don’t see anything bad in saying that “the response is unacceptable”. Also, L…. responds that cash dividends are being received. It’s clear that noone at Questrade knows what the real issues are or have even tried to address the issues related to “stock” dividends. Their own customer service staff is clueless regarding the differences between “cash” dividends and “stock” dividends and how their upgrade has affected this. Noone at QT wants to help and now they are being very rude. Is there anyone at QT’s higher staff who can actually solve this issue and apologize on behalf of L…. who was so rude to my wife? It’s been a month and a half since the stock dividends were supposed to have been received and yet there’s no solution in sight. It doesn’t make any sense for me to talk to KMR’s investor relations for issues related to Questrade’s upgrade.



  23. Terry on March 26, 2011 at 8:15 pm

    Hi all,

    Oddly enough after I posted the previous message my account was cleared up by that weekend and I was given some free trades. However the free trades I was given seem to be that they were another unfulfilled promise. Which also seems more like a quick fix for the amount of time I was missing my funds.

    But I can say that I know of other people namely my mother and sister who have accounts with QT and have had nothing but good experiences. Consistency is very poor among other things.

    @Matthew Basile – I will email you shortly

    Terry.



  24. Matthew Basile on March 28, 2011 at 11:59 am

    @ Amit

    Hello, my name is Matt and I work at Questrade. Although I cannot offer you a solution through this forum, I can personally bring your issue to the attention of the trade desk and client services managers. Please send your information to feedback@questrade.com so that we can look into your matter.

    Regards,

    Matthew Basile
    Questrade, Inc.



  25. Amit on March 28, 2011 at 4:24 pm

    Just an update on the issue I posted regarding my wife’s account over the weekend. I still haven’t heard back from Questrade. Meanwhile my wife contacted investor relations of KMR as suggested by one of the inexperienced customer service personnel at Questrade. Investor relations officer at KMR has told her that it’s clearly Questrade’s problem, and they should be able to get her the missing dividends or convert 100,000 of these to 1 whole share of KMR and sell it and get her the equivalent cash. Either way, there’s nothing investor relations at KMR can do anything because it’s Questrade that owns the shares.

    Unfortunately, no supervisor has ever contacted my wife to help her out, and their level 1 support doesn’t even know the difference between cash dividends and stock dividends and are rude to their customers. So, she is stuck with fractional shares of KMR that she can’t dispose off herself, she was promised incorrectly that they will be sold off when she sells her whole shares, which was incorrect too. So, QT keeps giving incorrect information to the clients and is totally clueless about how to handle this situation, and noone at QT seems interested in solving this.



  26. Amit on March 28, 2011 at 6:09 pm

    @Matthew: the trade desk is already aware of the issues for more than a month now. That is our real concern that we don’t get consistent reply as the people at trade desk don’t even seem to understand the issue at times. The last mail that my wife received from them was “I can see that you have received cash dividends for other securities.” It just pains to see that they have no clue about the issue or refuse to dig deeper before hitting the reply button to the clients.

    Investor relations at KMR have clearly told me that it is a Questrade issue and they should resolve it. Do you have your person email where I can reply and explain the issue once again, because I now have exchanged over 15 emails with customer service but so far people seem clueless there? Or, do you have an email of a Client Services Manager who can help me? I doubt that sending an email to generic email address at feedback@questrade.com will help when sending multiple mails to support@questrade.com hasn’t helped till now. Unless I can speak to a Client Services Manager or get a personal email of someone who has the authority to take some action or understand the issue at hand, I doubt that anyone reading the feedback mail can help. My email is amit@kritigroup.com. You are free to reply to me and I can explain all the issues to you (once again).



  27. Amit on March 28, 2011 at 6:13 pm

    @Matthew: I have also noticed that mentioning the amount of money in this forum seems to get a quick response from Questrade managers. So, here it is. I and my wife own more than $160K in various accounts at Questrade. With the level of service (or lack of) we are getting at Questrade lately, we are seriously considering closing everything and moving over to somewhere else who would actually care for their clients.



  28. Mike on March 28, 2011 at 7:22 pm

    Brutual service. Waited over 1 hour multiple times for technical support. I am in process of closing my account. Had well over $100K in my account and couldn’t get service. Back office staff always apologizes but never preforms.
    Don’t get caught up in the low commissions. Not worth it. The difference between $15.00 and $4.00 a trade isn’t worth the headache.
    Terrible execution. Even Venture Exchange trades take 2-3 minutes to appear at times. My TD account executes in 2-3 seconds.
    I have over 9 brokerage accounts and Questrade is the only one I have closed to date.
    Questrade: Its flashy and fancy looking but when it comes down to performance it simply doesn’t work like the competition. Stay AWAY!!!!



  29. Simon on April 4, 2011 at 11:41 pm

    Mike – I’m looking for alternatives to Questrade. Seeing as you have several brokerage accounts, can you make some suggestions?



  30. Mike on April 5, 2011 at 4:13 pm

    I personally like my TD account a lot. Great execution. Qtrade is good as well.

    Cheers,
    Mike



  31. Jeach on April 5, 2011 at 5:57 pm

    @Mike

    “Questrade: Its flashy and fancy looking but when it comes down to performance it simply doesn’t work like the competition. Stay AWAY!!!!”

    And I’m guessing that you can back that up? Considering that every broker use the same pool of ECN’s, I’m just trying to figure out how one could be slower than the other?

    @Simon

    “I’m looking for alternatives to Questrade”

    It depends on what your priorities are! Being a broker means providing 101 different services to clients. Since you can’t be the best at all of them, you must concentrate on some and sometimes sacrifice others. In Questrade’s case, their number priority is pricing (obviously).

    What service do YOU prioritize as a client? Price? Execution? Information/News? Portfolio Simulator? Documentation? Access to ETF’s, options? Low margin interests? Margin ratio?, etc, etc, etc.

    Before you sign on with a broker you must know what YOUR needs are and then evaluating brokers with those in mind.



  32. Simon on April 6, 2011 at 2:13 am

    @Mike

    Thanks for the suggestions.

    @Jeach

    You raise some very good points. Part of the reason I chose Questrade was for their price structure – I only make one or two trades per quarter, and all of my investments are long term – I need a broker that has no inactivity fees. Seeing as Questrade met that requirement, and they had the lowest commissions, I chose them. Since signing up, I’ve had issues that are similar to the ones mentioned by people on this forum (bad customer service being number one).

    So I suppose that Qtrade wouldn’t be bad, and TD probably also wouldn’t be bad – given that I’m making so few trades, a higher commission wouldn’t hurt much. I just wish that Questrade would get their act together.



  33. Jeach! on April 13, 2011 at 12:23 am

    Hey, I did a Google search for Interactive Brokers and ended up clicking on the first link (by mistake). I ended up on CMC Markets, which I came close to closing but then I saw a few things which cough my attention. Has anyone on here used their services? The concept seems pretty cool if you want to do some trend/directional trading. It seems to work a lot like FOREX and the PIP spread. Interesting… hope to hear some feedback!

    On my second Google search, again I clicked on the Virtual Brokers because I wanted to check it out. I never heard about them before, has anyone used them? Their price structure doesn’t seem very competitive though (from their examples).

    Anyway, my original question is as follows: Does anyone know any broker (other than Interactive Brokers) which will credit ECN fees when adding liquidity? I use to know another one, but once Scotia Bank bought them up, they revamped their amazing price structure to uncompetitive bank prices.



  34. Z on April 19, 2011 at 9:52 pm

    As a beginner, what type of account should I open with Questrade? I simply want to buy domestic and international stocks and bonds.



  35. FrugalTrader on May 29, 2011 at 2:52 pm

    @Z, may be best to start with a tax sheltered account like an RRSP or TFSA. It really depends though on your personal situation.



  36. CK on June 8, 2011 at 11:48 am

    I chose Questrade because of its low fees. As a relatively passive investor (mostly ETFs, nothing complicated) I didn’t think I would need a lot of bells and whistles, so the rough edges on Questrade’s platform didn’t particularly bother me, and I was (naively) confident that any serious glitches that might come up would be professionally addressed.

    I opened an account with Questrade earlier this spring and have since experienced nothing but problems. Simple matters (such as receiving credit my promotional free trades) were a headache – not to mention serious errors in their system such as transfers from my bank account which were, erroneously, processed in duplicate. The straw that broke the camel’s back, however, was when Questrade sold all of my stocks in a particularly company at $2.00 ABOVE the price of my stop order. To make matters worse, the sell took place just before the ex-dividend date, rendering me ineligible for the dividend on my stocks that quarter. Having followed the stock price, I knew there was no reason my order should have been executed. Since Questrade has no e-mail alert or other notification system when orders are executed, I did not notice the sale until days later and immediately filed a complaint.

    After two weeks of contacting them by e-mail, on-line chat, and by telephone, the excuse I was given is that I had submitted an “all or none” stop order, therefore the price at which I had set the order did not apply. As far as I am concerned that is entirely moot – Questrade did not have my authorization to sell my stocks at that price under any circumstances. I felt robbed.

    Not only was my serious concern not resolved, but it took two weeks to get an answer of any kind, after which I was essentially told by telephone that I didn’t understand the situation and that my concern was unreasonable.

    This is not the type of fly-by-night organization to which I wish to entrust my life savings any longer, and I have told them so. I encourage others to avoid this company like the plague. The savings in commissions are not worth the headaches, technical glitches, and risks associated with trading with this brokerage.



  37. Tyler on July 25, 2011 at 3:20 am

    At first questtrade looks like a good deal, but the saying “you get what you pay for” comes to mind after reading these reviews. Other sites post similar negative reviews too. I guess I’ll keep reviewing brokerages.



  38. Nghia Nguyen on August 15, 2011 at 1:08 pm

    Watch out! There have been lots of negative reviews of Questrade lately since 2010 until now.



  39. DJ on September 12, 2011 at 1:10 am

    I have signed up with Questrade for my child’s RESP. They have been professional, knowledgeable and very quick to respond to my inquiries. So far I am extremely impressed with their level of customer service.



  40. Greg on September 19, 2011 at 12:43 am

    Last week I discovered that my PACC (Pre-Authorized Cash Contributions) from my chq account into my Questrade TFSA have been executed at prices higher than what my Questrate account history indicated. This is misleading recordkeeping that isn’t acceptable for any size portfolio. Luckily, last week as well Scotia iTrade introduced $0 commissions on 46 Canadian ETFs. For those looking for a Questrade alternative, look no further than Scotiabank. You can’t get lower than $0.



  41. Maggie on September 19, 2011 at 12:15 pm

    Hi Greg,
    I work for Questrade and I’d like to assist you with this. Please send an email with your name, account number and contact information to mrust@questrade.com.

    Maggie Rust
    Questrade Inc



  42. Jean on September 25, 2011 at 10:02 pm

    Does the $50 promo credits apply to options trading commission as well? I’m thinking of opening an account with Questrade, but feel a bit hesitant with all the negative reviews.



  43. deewar25 on October 4, 2011 at 11:05 am

    An honest suggestion from what has generally been a questrade supporter – if you trade otcbb/pinks in the US, questrade is no longer the broker to use – they are now officially worthless as their clearinghouse penson has been taking measure to essentially eliminate all possibilities of trading them. It is not acceptable and I am now moving to RBC which is about the last Canadian broker that allows freely trading since they have their own clearing house (while still allowing online trades).

    Questrade, I hope you are listening – I know many penny traders that had a questrade account and they are pissed off – you will be losing alot of business now that the new rules are in place (10% of 20 day average volume is the main one and the DTC issue is just ridiculous). I likely have 10k in commissions annually, and thats just 1 of many. It will add up. Your only option is pulling from penson – can it be done? I don’t know, but if its not, expect a significant hit to your bottom line.



  44. Jeach! on October 4, 2011 at 1:05 pm

    @deewar25

    I have traded otcbb/pinks in the US with Questrade and have not noticed anything different. Currently mostly TSX penny stocks.

    Can you elaborate on these so called ‘new rules are in place’:

    — 10% of 20 day average volume
    — DTC issue

    I tried Googling it but don’t find anything relevant and I’m either out of the loop or something because I was unaware of any ‘new rules’.

    Please explain!



  45. deewar25 on October 4, 2011 at 1:44 pm

    @jeach – the DTC rule has been in place for 4 or 5 months – any stocks that are DTC (depository trust company) ineligible have been slapped with a mandatory $400 fee to trade. While this is often fine since MNGD just rejects the trades, there are times where you have bought the stock while it was eligible, then it becomes ineligible while you hold it and now you are forced to pay the ridiculous commission to exit the stock. That wasn’t huge since it didn’t come up that often. The killer (for me) was the one that was just initiated yesterday. It states that you can only trade up to 10% of the average volume traded over the prior 20 days. I think essentially, penson is trying to kill promoters and the dumping of paper – fine in theory, but if you understand their game and select the right ones, it can be very lucrative and very liquid – easy in easy out. What the don’t realize, is that kills any thinly traded news plays as well. Say you have a stock trading at 0.10c but only trades 100k average over the last 20 days. News comes out that they have a $100 million government contract and its something that could send the stock way up, well, because of this rule, you can only buy 10k shares max at a time while anyone that doesn’t clear with penson can buy all they want.

    It cripples your ability to freely trade and maximize gains. Case in point was AERN yesterday – order in 0.026 would have filled – could have made 150% on that in a day yet I was locked out. That’s pretty damn frustrating and there were several big gainer stocks I couldn’t touch because of the new rule (same with ECDC – news that they were acquiring a company that had the twitter CEO on the board – very compelling and it went up 200% from where I could have bought, yet because it was thinly traded, I couldn’t buy a worthwhile amount of shares.

    If US pennies are your thing, that is pretty damn frustrating, and for me, the last straw.



  46. deewar25 on October 6, 2011 at 2:05 pm

    prime example of what is screwed up here – GACFQ filed that common shares will remain intact after BK – I am able to buy fine, yet the 10% rule comes into effect to sell???? I had to sell in 4 different orders. Rub it in further, I test buy for double the amount of shares and the trade gets allowed??? So what, now I’d have to pay 8 commissions to sell????? THAT is a major problem in my books – if you have a rule, you don’t trap us into buying and then screw us while selling! This happened to me on the DTC rule as well. What a joke.

    Just waiting for RBC account to be activated and then bye bye penson and questrade forever.



  47. Correll on October 6, 2011 at 2:31 pm

    deewar: it wasn’t actually penson that put that 10% of 20 day average order size rule in…it was the asses at FINRA…I called questrade and asked about this and they told me



  48. Correll on October 6, 2011 at 2:43 pm

    Here’s the link for it:
    http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=2DE65B7E08664E35B760468C54007592&Language=en

    It went into effect on 10.03.11. It’s rule 11-0256. It was written by Jamie Bulnes. You can call him to complain at 416-943-6928. I’m going to. Let’s get this rule repealed. It’s retarded.



  49. deewar25 on October 6, 2011 at 7:05 pm

    correll – I don’t see the specifics about the 10% volume in that document – can you advise where that is located? So are you saying this is ANY broker in Canada, or is this a FINRA deal that has been forced on penson, in turn forced on questrade? Makes a difference. I asked specifically this with RBC yesterday and they hadn’t heard of this rule at all – I will have to check again since if it effects all brokers, no point in moving.

    I suspect this is still only penson related though as any broker not clearing through penson isn’t having issues – i’d have heard by now (IE, Interactive Brokers say….)

    Support I talked to earlier said we can buy all we want, but if we want to sell all at once, we have to call it in???? Uh, well, that didn’t apply to AERN a few days back when I wanted to buy 200% ago…it was just plain blocked even to buy.



  50. Correll on October 6, 2011 at 7:15 pm

    deewar: you might be right..i never bothered to look into that Iiroc document in detail..i don’t see the reference to 10% of 20 day average volume either…I just saw in their “OTC” and that it became effective on 10.03 (this Monday) so i assumed it was the right thing…this new rule does have to do with OTC stocks..but it doesn’t appear it has to do with the 10% of 20 day average thing…so maybe that is Penson specific…i’m calling the Trade Desk at Questrade tomorrow on this.